Siddiqsons Tin Plate LimitedPSX: STPL

Transmission of Quarterly Report for the Period Ended December 31, 2024

Sep 4, 2025 at 7:14 AM UTC · Issued by Siddiqsons Tin Plate Limited

Siddiqsons Tin Plate Limited

A Siddiqsons Group Company

HALF YEARLY REPORT

DECEMBER 31

2024

Company Information Directors' Review

Independent Auditor's Report To The Members

Condensed Interim Statement of Financial Position (Un-audited)

Condensed Interim Statement of Profit or Loss and other Comprehensive Income (Un-audited)

Condensed Interim Statement of Changes In Equity (Un-audited) Condensed Interim Statement of Cash Flows (Un-audited)

Notes to the Condensed Interim Financial Statements (Un-audited)

I0 I2

Contents

Page

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

COMPANY INFORMATION Board of Directors

Mr. Tariq Rafi Chairman Mr. Naeem-ul-Hasnain Mirza CEO

Mr. Munir Qureshi Executive Director

Mr. Ibrahim Shamsi Non Executive Director

Ms. Alia Sajjad Non Executive Director Mr. Muhammad Yousuf Adil Independent Director Mr. Abdul Wahab Independent Director

Audit Committee

Mr. Muhammad Yousuf Adil (Chairman)

(Independent Director) Mr. Ibrahim Shamsi (Member) (Non-Executive)

Ms. Alia Sajjad (Member) (Non-Executive)

Mr. Abdul Wahab (Member) (Independent Director) Ms. Ayesha Khan (Secretary)

Human Resource & Remuneration Committee Mr. Abdul Wahab (Independent Director) (Chairman) Ms. Alia Sajjad (Member) (Non-Executive)

Mr. Naeem-ul-Hasnain Mirza (Member) (CEO) Ms. Ayesha Khan (Secretary)

Technical Committee

Mr. Tariq Rafi Chairman

Mr. Munir Qureshi Member Mr. Naeem-ul-Hasnain Mirza Member

Executive Management Team

Mr. Naeem-ul-Hasnain Mirza CEO

Mr. Mahir Abbas Dir. Commercial

Ms. Rashid Khaleeque CFO

Mr. Shahzad Shabbir GM Commercial

Chief Financial Officer

Ms. Rashid Khaleeque

Company Secretary

Ms. Ayesha Khan

Head of Internal Audit

Mr. Faran ur Rehman Hashmi

Auditors

Muniff Ziauddin Chartered Accountants

Legal Advisor

Mr. Kashif Nazeer

A/2, G-23, Park Lane, Block-5, Clifton, Karachi House of Magna Cum Lande

Tax Advisor

Tola Associates

Tax & Corporate Advisors

408, Continental Trade Centre, Block 8, Clifton, Karachi 75600, Pakistan

Phone # 02I-35303294-6

Bankers

National Bank of Pakistan Habib Bank Limited MCB Bank Limited Soneri Bank Limited

Habib Metropolitan Bank Limited Faysal Bank Limited

Meezan Bank Limited JS Bank Ltd

Al Baraka Bank (Pakistan) Ltd MCB Islamic Bank Limited Allied Bank Limited

The Industrial & Commercial Bank of China (ICBC)

United Bank Limited Bank Alfalah Limited Askari Bank Limited Samba Bank Limited

Dubai Islamic Bank Pakistan Limited

Shares Registrar

THK Associates (Pvt.) Limited,

Plot No. 32-C, Jami Commercial Street-2, D.H.A., Phase-VII,

Karachi.

UAN #III 000322

Registered Office

Ocean Tower, 27th Floor, G-3, Block 9, Scheme # 5, Main Clifton Road, Karachi. Tel : +922I-35I6657I-4

Plant: Plot # 5, Special Industrial Zone, Winder, Distt. Lasbela, LIEDA, Baluchistan.

Web Presence

https://www.siddiqsonstinplate.com

Head Office: House I2, Main Ataturk Avenue, F-6/3, Islamabad.

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

DIRECTORS' REVIEW Dear Shareholders,

The Directors of your company are pleased to present the unaudited condensed interim financial statements of the company for the Half Year ended December 3I, 2024.

Operational overview

During the period, sales revenue remained steady at PKR 9I9 million, marking a 5I % decrease compared to the same period last year. Concurrently, the cost of sales saw a 53% reduction. This decline can be primarily attributed to a negative volume variance stemming from the unavailability of raw materials, necessitating production lay-offs. Other contributing factors to the decreased sales include unfavorable market conditions, such as the presence of low valued tinplate due to misuse of sales tax exemptions in the FATA/PATA region,

The persistently high financial costs, which have decreased by II% compared to the previous year, continue to significantly impact profitability despite the decrease. During this period, the Siddiqsons Group injected funds to pay off the bank's long-term liabilities.

Net Result

The loss after taxation amounted to Rs.I54 million, compared with a loss of Rs. I36 million in the corresponding period

Earnings per share

The losses per share stood at Re. (0.67), whereas loss per share were also Rs. (0.59) in the corresponding period

Market Overview

The market during the quarter remained steady and inflow of imported tinplate at dumped prices effected the sales activity of your company. Pakistan current economic indicators are still unfavorable with no change in policy rates and absence of any formal economic revival plan. The utilization of Galvalume-a zinc/aluminum coated steel sheet-in food packaging, despite its associated health risks. Efforts have been made to address this concern with relevant government agencies.

Future Outlooks

Looking forward, the management of your company has secured the availability of raw material for the entire quarter, and we expect that it will improve the operational position of the company.

We are actively exploring potential end users in US & European markets as it is inevitable for the long-term viability of the company.

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

Acknowledgement

The Directors of the Company would like to record their gratitude to our shareholders, partners, customers, Government authorities and financial institutions for their cooperation and continued support.

The Directors are also pleased to record their appreciation for the valuable & untiring efforts and services rendered by the staff of the Company.

On behalf of the Board

Naeem ul Hasnain

Chief Executive

Tariq Rafi

Chairman

Karachi: 22 August, 2025

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

MUNIFF ZIAUDDIN & CO.

Chart er e d Acc oun t a n t s

Business Executive Centre F/17/3, Block 8, Clifton Karachi - 75600 - Pakistan Tel: +92-21-35375127-8,

+92-21-35872283

E-mail: info@mzco.com.pk Web: bkrpakistan.com

Independent Menber

Other Offices: Islamabad & Lahore

A Siddiqsons Group Company

3,352,l54,409 l0,066,22l		3,368,557,3I9 I0,066,22I
3,362,220,630		3,378,623,540
7,748,065		7,748,065
2l9,486,2l3		28I,427,670
l8l,056,5l4		38,I63,245
227,009,00l		22I,I5I,I76
3l,427,672		5,95I,499
40,696,022		40,696,022
2l4,564,407		264,564,407
3l,380,496		I0,84I,059
ll0,997,350		I45,473,8I7
22l,846,544		43,880,734
l,286,2l2,283		I,059,897,694
4,648,432,9l4		4,438,52I,234
6,000,000,000		6,000,000,000
2,292,787,700		2,292,787,700
30l,5l7,286		30I,5I7,286
(l,585,960,942)		(I,43I,727,445)
l,008,344,044		I,I62,577,54I
60,484,0l2		I42,200,968
5,875,488		8,727,268
66,359,500		I50,928,236
l,063,865,263		I,0I9,I49,745
l3,023,283		30,02I,205
l34,990,000		352,000,000
l,297,605,36l		53,236,586
70,876,637		I06,805,43I
946,342,664		I,490,0I9,036
40,902,973		68,720,629
4,328,264		3,267,90I
l,794,924		I,794,924
3,573,729,370		3,I25,0I5,457
4,648,432,9l4		4,438,52I,234

HALF YEARLY REPORT DECEMBER 2024

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT DECEMBER 3I, 2024

Note

ASSETS NON-CURRENT ASSETS

Property, plant and equipment Long-term deposits

CURRENT ASSETS

Stores, spares and loose tools Stock-in-trade

Trade debts Advance income tax Loans and advances

Trade deposits and prepayments Other financial assets

Other receivables Sales tax adjustable

Cash and bank balances

Total assets EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES

Authorized share capital

600,000,000 (June 30, 2024: 600,000,000)

ordinary shares of Rs. I0 each

Share capital Capital reserve Revenue reserve

NON-CURRENT LIABILITY

Long term finance Lease liability

CURRENT LIABILITIES

Trade and other payables Contract liabilities

Due to director Due to associate

Interest / mark-up accrued on borrowings Short-term borrowings

Current portion of long term finances Current portion of Lease liability Unclaimed dividend

Total equity and liabilities CONTINGENCIES AND COMMITMENTS

June 30,

2024

(Audited)

…........(Rupees)…........

I0 II I2

I6 I7 I8 I4

The annexed notes I to 26 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

A Siddiqsons Group Company

December 3l, 2024

(Un-audited)

Taxation

A Siddiqsons Group Company

(ll,608,074)

(2,I03,26I)

5I9,0I8

Loss after taxation (l54,233,497)

(I36,I75,43I)

(36,537,333)

Other comprehensive income - Total comprehensive income for the period (l54,233,497)

(I36,I75,43I)

(36,537,333)

Earnings per share -basic and diluted

(0.67)

(0.59)

(0.43)

The annexed notes I to 26 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

239,579,393

HALF YEARLY REPORT DECEMBER 2024

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 3I, 2024

Half year ended Quarter ended December 3l, December 3I, December 3l, December 3I, Note 2024 2023 2024 2023 …..................…...................(Rupees)…..................…...................

Revenue from contract with customers - net

Cost of goods sold

9l9,282,072 (777,092,608)

I,885,329,798 (I,645,750,405)

720,557,703 (546,995,6I3)

Gross profit

l42,l89,464

(37,056,35I)

I73,562,090

Other income

5l,624,526 22,5I7,987 l93,8l3,990 262,097,380

5,383,782

I78,945,872

Distribution cost Administrative expenses Other expenses Finance cost

(336,439,4l3)

(396,I69,550)

(2I6,002,223)

Loss before taxation

(l42,625,423)

(I34,072,I70)

(4,884,702)

(3I,II3,960)

(I5,8I2,274)

(I64,I9I,287)

(I0,474,228)

(6I,86I,096)

(I5,8I2,274)

(308,02I,952)

695,850,5l9 (53l,5ll,9l2) l64,338,607 - 38,397,67l 202,736,278 (2l6,289,800) (l3,553,522) (8,736,4l3) (22,289,934) - - (22,289,934) - (0.22)

(2,09l,295)

(23,507,377)

(5ll,000)

(l90,l80,l27)

(5,723,l77)

(55,l06,030)

(5ll,000)

(275,099,206)

Balance at July 0I, 2023 2,292,787,700 Total Comprehensive income		30I,5I7,286	626,77I,690	3,22I,076,676
Loss for the half year ended December 3I, 2023 -		-	(I54,233,497)	(I54,233,497)
Other comprehensive income	- -	- -	-(I54,233,497)	-(I54,233,497)
Balance at December 3I, 2023	2,292,787,700	30l,5l7,286	472,538,l93	3,066,843,l79

(I54,233,497) (I54,233,497)

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 3I, 2024

Issued, subscribed and paid up capital Capital reserve Revenue reserve Total ….......................(Rupees)….......................

Balance at July 0I, 2024

Total Comprehensive income

Loss for the half year ended December 3I, 2024

Other comprehensive income

2,292,787,700 30l,5l7,286 (l,43l,727,445) l,l62,577,54l

- - (I54,233,497) (I54,233,497)

Balance at December 3l, 2024

2,292,787,700 30l,5l7,286 (l,585,960,942) l,008,344,044

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

CASH FLOWS FROM OPERATING ACTIVITIES Loss before levies and taxation Adjustments for non cash and other items: Depreciation on property, plant and equipment Finance cost Workers' welfare fund Profit on bank deposits and TDR Gain on disposal of property, plant and equipment Operating cash flows before movement in working capital Changes in working capital Decrease / (increase) in current assets Stores, spares and loose tools Stock-in-trade Trade debts Loans and advances Trade deposits and prepayments Sales tax adjustable	(l42,625,423) l6,402,9l0 275,099,206 5ll,000 (25,434,2ll) -l23,953,483 -6l,94l,457 (l42,893,269) (25,476,l73) -34,476,467	(I34,072,I70) I8,094,28I 308,02I,952 - -(6I3,90I) I9I,430,I62 (250,000) (835,8I9,633) 72,533,982 22,I39,848 4,I64,945 (I,I79,877)
Increase in current liabilities	(7l,95l,5l8)	(738,4I0,735)
Trade and other payables Contract liabilities Cash generated from operations	44,204,5l8 (l6,997,922) 79,208,56l	246,I5I,75I -(300,828,822)
Income tax and levies paid	(l7,465,899)	(34,679,954)
Interest / markup paid	(3ll,028,000)	(229,266,984)
Net cash used in operating activities	(249,285,338)	(564,775,760)

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 3I, 2024

Half year ended December 3l, December 3I, 2024 2023

----------------Rupees----------------

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

B. CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment Additions to capital work in progress Proceeds from disposal of property, plant and equipment	- - -	(686,000) (I3,835,347) 770,782
Other financial assets	(50,000,000)	(I,526,I34)
Profit on bank deposits and TDR received Net cash generated from / (used in)	4,894,773	-
investing activities	4,894,773	(I5,276,699)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Long term finances obtained Repayment of long-term finances	(lll,326,029)	(I9I,643,270)
Lease rentals paid	-	-
Loan repaid to director	(2l7,0l0,000)	88,000,000
Loan obtained from associate	l,244,368,775	(235,078,I67)
Short-term borrowings - net	(335,098,856)	646,508,66I
Net cash generated from financing activities	580,933,89l	307,787,224
Net increase / (decrease) in cash and cash equivalents (A+B+C)	336,543,326	(272,265,235)
Cash and cash equivalents at beginning of the year	(500,085,674)	(905,693,48I)
Cash and cash equivalents at end of the year	(l63,542,348)	(I,I77,958,7I6)
Cash and cash equivalents Cash and bank balances	22l,846,544	39,055,464
Short term running finance Term deposit certificates	(385,388,892) -	(I,2I7,0I4,I80)
	(l63,542,348)	(I,I77,958,7I6)

HALF YEARLY REPORT DECEMBER 2024

Half year ended December 3l, December 3I, 2024 2023

----------------Rupees----------------

The annexed notes I to 26 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 3I, 2024

l. LEGAL STATUS AND OPERATIONS

Siddiqsons Tin Plate Limited (the Company) was incorporated in Pakistan on January 29, I996 as public Company limited by shares under the repealed Companies Ordinance, I984 now Companies Act, 20I7 (the Act). The registered office of the Company is located at Ocean Tower, 27th Floor, Plot # G-3, Block # 9, Near II Talwar, Clifton, Karachi, Province of Sindh, Pakistan. The shares of the Company are quoted on Pakistan Stock Exchange. The principal activity of the Company is manufacturing and sale of tin plates, cans and other steel products.

l.l During the period and subsequent to the period till issuance of the interim financial statements, the Company faced significant operational and financial challenges, which resulted in loss after taxation amounting to Rs. I54.2 million and accumulated losses amounting to Rs. I,585.96 million. During the year, Tin Plate plant faced multiple operational shutdown due to curtailment in production. The Company even considered closure on the Tin Plate plant due to decline in sales driven by tax exemptions in the FATA / PATA regions, increased use of Galvalume for food packaging as a substitute of Tin Plate and disruptions caused by strikes from retrenched labours, which impeded the reopening of the facility. The Company has also had its petition dismissed by High Court of Republic of Singapore (HCRS) against the award of Singapore International Arbitration Centre (SIAC) in the dispute between the Company and New Metallurgy Hi-Tech Group Co. Ltd. (the Supplier) as disclosed in detail in Note I9.I to the financial statements. As at the reporting date, the Company's current liabilities exceed its current assets by Rs. 2,287.57 million. Furthermore, the Tin Mill Black Plates (TMBP) project was rolled back due to its financial non-viability. These condition indicate that a material uncertinity exists which may cast significant doubt on the company's ability to continue as a going concern therefore, it may be unable to realize its asset and discharge its liabilities in the normal course of business.

In response to the challenges outlined above, the Company has taken steps to financially stabilize by concentrating its resources on operations rather than expansion and paying off its long-term and short term financing liabilities substantially. Subsequent to the year end, the Company has re-opened its Tin Plate plant which was earlier considered for closure. Tin Plate plant has resumed production and the Company is actively selling its finished goods and the Canning plant has also remained in continuous operations. However, in the year 2025, the Company has temporarily suspended the canning operations due to low demand caused by introduction of plastic packaging in the market.The Company has launched a focused campaign to discourage the use of Galvalume, promoting Tin Plate as a safer and more sustainable alternative.Subsequent to the period end, the Company has also sold certain items from capital work in progress and the resources generated from the sale has been utilized to settle outstanding liabilities which has resulted in a reduction in finance cost. Furthermore, the Company believes that the dispute with the Supplier, as disclosed in Note I9.I to the financial statements, is likely to be resolved through the mediation and and the amount offered in the financials has been provided for in the financials statements. Moreover, the Company is also targeting to increase its exports in USA, European Union and other markets.

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

Based on the above and keeping in view the strong position of the group, the management of the Company is confident that above mentioned steps, along with the business projections, provide sufficient evidence of the Company's ability to continue as a going concern, therefore the interim financial statements have been prepared on going concern basis.

GEOGRAPHICAL LOCATION AND ADDRESSES OF BUSINESS UNITS
Following are the geographical locations and addresses of all business units of the Company:
Registered Office:
Ocean Tower, 27th Floor, Plot # G-3, Block # 9, Near II Talwar, Clifton, Karachi, Province of Sindh, Pakistan.
Manufacturing Facility:
1. Tin Plate plant is located at Plot No. 5, Special Industrial Zone, Winder, Distt, Lasbella, L.I.E.D.A, Province of Balochistan, Pakistan.
2. Canning plant is located at Plot # 22I-222, Near Jamia Millia College, Jamia Millia Road, Malir City, Karachi, Province of Sindh, Pakistan.
  Project Site:
  TMBP project site is located at Plot No. 272 & 273 Hub City, Mouza Beroot Peerkas Road, District Lasbella, Hub Balochistan, Pakistan.
STATEMENT OF COMPLIANCE 3.l. These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 20I7; and
- Provisions of and directives issued under the Companies Act, 20I7.
Where the provisions of and directives issued under the Companies Act, 20I7 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 20I7 have been followed.
1. The condensed interim financial statements have been prepared under historical cost convention.
  12
  A Siddiqsons Group Company
  HALF YEARLY REPORT DECEMBER 2024

The condensed interim financial statements are presented in Pakistani Rupees which is also the Company's functional and presentation currency and figures presented in the condensed interim financial statements have been rounded off to the nearest rupee.
These condensed interim financial statements are unaudited. However, a limited scope review of these condensed interim financial statements have been performed by the external auditors of the Company in accordance with the requirements of Section 237 of Companies Act, 20I7 and they have issued their review report thereon. These condensed interim financial statements are submitted to the shareholders as required by Section 237 of the Companies Act, 20I7.
These condensed interim financial statements do not include all information required for full annual financial statements and should be read in conjunction with annual audited financial statements for the year ended June 30, 2024. The comparative statement of financial position presented has been extracted from annual financial statements for the year ended June 30, 2024, whereas comparative condensed statement of profit or loss and other comprehensive income, condensed statement of cash flows and condensed statement of changes in equity are stated from the unaudited condensed interim financial statements for the half year and quarter ended December 3I, 2023.

SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements and the significant judgements made by the management in applying the accounting policies and the key sources of estimation uncertainty are the same as those applied in the preparation of the financial statements as at and for the year ended June 30, 2024.
FINANCIAL RISK MANAGEMENT
The Company's financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements as at and for the year ended June 30, 2024.
PROPERTY, PLANT AND EQUIPMENT

June 30,

December 3l, 2024

(Un-audited)

2024

(Audited)

…........(Rupees)…........

Operating fixed assets	6.I	694,697,45l	709,I27,325
Capital work-in progress	6.2	2,639,699,630	2,639,699,630
Right-of-use assets		l7,757,328	I9,730,364
		3,352,l54,409	3,368,557,3I9

A Siddiqsons Group Company

Leasehold land	7,533,750	-	- -	7,533,750
Freehold land	l67,40l,427	-	- -	l67,40l,427
Buildings on leasehold land	76,795,905	-	- (3,839,795)	72,956,ll0
Plant and machinery	420,8l4,75l	-	- (8,4l6,295)	4l2,398,456
Power and other installations	9,l65,399	-	- (458,270)	8,707,l29
Factory equipment	6,374,832	-	- (3l8,742)	6,056,090
Generators	l,662,09l	-	- (83,l05)	l,578,986
Office equipment	4,025,450	-	- (20l,273)	3,824,l78
Data processing equipment	l,0l5,523	52l,440	(63,393) (l67,562)	l,306,008
Furniture and fixtures	l,3l8,62l	50,000	- (65,932)	l,302,689
Vehicles	l3,0l9,566		(82,992) (l,30l,956)	ll,634,6l8

6.l Operating fixed assets December 3l, 2024 (Un-audited) Opening WDV 0l-Jul-24 Additions Disposals (W.D.V) Depreciation Closing WDV for the period as at 3l-Dec-24 …..................…...................(Rupees)…..................…................... December 3l, 2024 709,l27,3l5 57l,440 (l46,385) (l4,852,929) 694,699,44l June 30, 2024

7I6,I36,II5

25,353,436 (I,665,0II)

(30,697,I25) 709,I27,325

June 30,

2024

(Audited)

…........(Rupees)…........ 6.2 Capital work-in progress

Opening balance Additions Closing balance

2,022,I2I,856

6I7,577,774

2,639,699,630

A Siddiqsons Group Company

2,639,699,630 -2,639,699,630

December 3l, 2024

(Un-audited)

HALF YEARLY REPORT DECEMBER 2024

In hand In transit Held at third party premises	83,572,366 - -83,572,366	72,649,743 - -72,649,743
Finished goods - Tinplate
Tin Cans Scrap	l23,350,l28 l2,563,7l9 -	203,038,3I9 I,266,608 4,473,000
	l35,9l3,847	208,777,927
Chromite
Raw material Finished goods Provision for obsolete stock of chromite	l6,389,080 l2,682,4l0 (29,07l,490)	I6,389,080 I2,682,4I0 (29,07I,490)
	-
	2l9,486,2l3	28I,427,670
8. TRADE DEBTS
Local Export	l8l,252,678 60,007,58l	38,359,409 60,007,58I
	24l,260,259	98,366,990
Less: Provision for doubtful debts	(60,203,745)	(60,203,745)
	l8l,056,5l4	38,I63,245

7. STOCK-IN-TRADE

June 30,

2024

(Audited)

…........(Rupees)…........

Raw material - Tinplate

8.l Trade debts are non-interest bearing and are generally settled in I5 to 30 days terms.

A Siddiqsons Group Company

December 3l, 2024

(Un-audited)

HALF YEARLY REPORT DECEMBER 2024

To suppliers	28,004,850	2,043,287
For Vehicle	-
Against expenses	3,065,457	3,500,380
	3l,070,306	5,543,667

3l,427,672		5,95I,499
ll. TRADE DEPOSITS AND PREPAYMENTS
Deposit for bank guarantee margin II.I	38,739,7l4	38,739,7I4
Prepayments
Security deposits for Tenders	l,956,308	I,956,308
	40,696,022	40,696,022

HALF YEARLY REPORT DECEMBER 2024

Note 9. ADVANCE INCOME TAX

Advance tax Provision for taxation

June 30,

2024

(Audited)

…........(Rupees)…........

22I,I5I,I76

l0. LOANS AND ADVANCES Considered good

Loan to employees

Advance 234,l88

I80,090

Against letter of credits' fee and expenses Less: Provision for advance against letter of

credits' fee and expenses

l23,l78

227,742

ll.l. This includes margin against bank guarantees issued in favour of excise and taxation department for infrastructure cess, antidumping duty and against solar project. l2. OTHER FINANCIAL ASSETS

Investment in term deposit certificates I2.I

264,564,407

l2.l. This represents investment in term deposit certificates which carries markup at the rate of 20% to 20.3% (June 30, 2024: I5.95% to 2I%) per annum for the periods of three, six and twelve months.

A Siddiqsons Group Company

2l4,564,407

3I,723,7I0

(3I,495,968)

3l,6l9,l47

(3l,495,968)

699,943,904 (472,934,903)227,009,00l

December 3l, 2024

(Un-audited)

Note

A Siddiqsons Group Company

l,063,865,263 I,0I9,I49,745

265,I8I,II2

2I5,25I,03I I6,259,7I2 4I2,567,680

-I,420,924 66,557,753

I5,253,83I I4,937,568 II,720,I34

249,584,6l0 2l6,092,443 3l,l65,527 4l2,567,680 39,800,050 862,68l 7l,369,605 l5,253,83l l4,937,568 l2,23l,268

I5.I I5.2

Creditors Infrastructure cess Accrued liabilities Provision against CISRI Other advances

Staff provident fund

Workers Profit Participation Fund Workers Welfare Fund

Retention money payable Withholding tax

June 30,

2024

(Audited)

…........(Rupees)…........ l5. TRADE AND OTHER PAYABLES l4.l. The terms and conditions of Long - term financing arrangements are same as disclosed in note I7 to the annual audited financial statements of the company for the year ended June 30, 2024, except for facility obtained from Al Baraka Bank Limited, where repayment terms has been restructured and payable by June 30, 2024. The loan obtained form AlBarka bank has been fully paid during the half year ended December 2024.

(68,720,629)

I42,200,968

Current maturity of long-term finance

2I0,92I,596

long-term finance

June 30,

2024

(Audited)

…........(Rupees)…........ l4. LONG-TERM FINANCE l3. SHARE CAPITAL

An associated undertaking, Siddiqsons Limited holds I5.49% i.e. 35,5I4,I0I (June 30, 2024: 35,5I4,I0I) ordinary shares at the period end. The Company has one class of ordinary shares which carry no right to fixed income. The shareholders are entitled to receive dividend as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.

l0l,386,985 (40,902,973) 60,484,0l2

December 3l, 2024

(Un-audited)

December 3l, 2024

(Un-audited)

HALF YEARLY REPORT DECEMBER 2024

l5.l. Trade payables are non-interest bearing and are normally settled on 30 days terms. l5.2. This represents provision for Sindh Development and Infrastructure Fee and Duty which was levied by the Excise and Tax Department on goods entering the province through air or sea at prescribed rate under Sindh Finance Ordinance, 200I. The levy was initially challenged by the Company along with other companies in the Sindh High Court (SHC) after which several proceedings were held. Through the interim order passed on May 3I, 20II the Sindh High Court has ordered that for every consignment cleared after December 28, 2006, 50% of the value of infrastructure fee should be paid in cash and a bank guarantee for the remaining amount should be submitted until the final order is passed. The management is confident for a favourable outcome however, as a matter of prudence Company has paid 50% of the value of infrastructure fee in cash and recorded liability for the remaining amount which is supported by a bank guarantee.

On June 04, 202I, the SHC vide order C.P.No D-3309 / 20II, summoned to encash all the bank guarantees furnished by the petitioners. However the Supreme Court of Pakistan, vide its order dated September 0I, 202I, suspended the order issued by SHC, stating that it suffers from constitutional and legal defects and granted the interim relief to the Company and other petitioners. The order issued by the Supreme Court of Pakistan states that the petitioners shall keep the bank guarantees already submitted pursuant to the earlier order of SHC and shall furnish the fresh bank guarantees equivalent to the amount of levy calimed by the Sindh Government against release of all future consignments of imported goods.

l6. Due to associate

June 30,

December 3l, 2024

(Un-audited)

2024

(Audited)

…........(Rupees)…........

Opening	53,236,586	279,28I,995
Obtained	l,l88,866,689	9,032,758
Markup accrued	55,502,086	-
Repaid	-	(235,078,I67)
Closing	l,297,605,36l	53,236,586

This represents loan from associate which is markup free and payable on demand, for the purpose of emergent requirement of working capital. The company has not recorded markup on the plea that Section I99 of the Companies Act, 20I7 is applicable to any company which makes investment in its associate undertaking and specifically describes the requirements to be fullfilled by the investing company. Furthermore, balance amount at the year end has reduced to the extent of nominal balance of Rs

53.236 million.

During the period, the company has charged a markup of Rs. 55.5 Mn (2024: nil) at a rate of 20% (2024: nil)

A Siddiqsons Group Company

HALF YEARLY REPORT DECEMBER 2024

l7. INTEREST / MARK-UP ACCRUED ON BORROWINGS Note

June 30,

December 3l, 2024

(Un-audited)

2024

(Audited)

…........(Rupees)…........

Long-term finances Short-term borrowings		3,962,8l8 66,9l3,8l9 70,876,637	I3,0I9,208 93,786,223 I06,805,43I

l8. SHORT-TERM BORROWINGS
SECURED From banking companies
Bank overdraft Finance against imports - FATR Running finances under markup	I8.2	5,229,47l 555,724,30l	5,239,996 890,8I2,632
arrangements I8.3		385,388,892	593,966,408
		946,342,664	I,490,0I9,036

l8.l. The aggregate unavailed-short term borrowing facilities amounts to Rs. I258.887 million (June 30, 2024: Rs. 708.22 million) as of the reporting date. l8.2. These were secured against hypothecation on fixed assets, stock-in-trade, trade debts and charge on present and future current assets of the Company and lien on import documents. Loans were subject to mark-up based on, kibor rate ranged between I2.I4% to I6.I3% (June 30, 2024: 20.5% to 22%) per annum. l8.3. These are secured against charge on fixed assets, stock-in-trade, trade debts and present and future current assets of the Company and are subject to the mark-up ranging between I5.62% to 20.28% (June 30, 2024: 23.98% to 26.I5%) per annum. l9. CONTINGENCIES AND COMMITMENTS l9.l CONTINGENCIES l9.l.l The Company imports Tin Mill Black Plate / CRC coils from different countries for producing Tin Plate for exportation under manufacturing bond facility and local supply for home consumption on payment of leviable duty and taxes. The imported materials are warehoused in the manufacturing bond without payment of duty and taxes for in-house consumption for producing of exportable products. The Company is availing the manufacturing bond facility since 20II, huge quantity of Tin Plate produced by the Company was exported, adding considerable forex to the national exchequer. However, to process the renewal of the manufacturing bond warehousing

A Siddiqsons Group Company

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